Reorganisation and bankruptcy
Virtus Law has extensive experience within practical management of reconstruction as well as winding up.
Reorganisation and bankruptcy
It is not always easy to assess which solution to choose when the company lacks capital.
However, the company’s management is obliged to act when the company’s capital resources are no longer sufficient, as otherwise there is a risk of bankruptcy quarantine in a subsequent bankruptcy proceeding.
It is therefore important that not only the right decision is made, but that this also happens when the company’s financial situation dictates it.
Together we make an initial assessment of whether there is a basis for reorganization or the company should be taken into bankruptcy proceedings.
Reconstruction provides the opportunity to correct the company’s operations again and ensures the company’s survival. This is a solution that, among other things, should be considered if you have a company that generates a profit or has the prospect of it, but is burdened by old debt.
However, reconstruction requires acceptance from some of the creditors. There is no longer a claim for bankruptcy if the reorganization did not succeed, which is why a failed reorganization thus no longer means that the company is taken under compulsory bankruptcy proceedings.
'Effective bankruptcy proceedings'
Niels assists countless companies and creditors in bankruptcy proceedings and has extensive experience in the restaurant industry.
Is reconstruction the best solution?
Rasmus has assisted several companies and private debtors in reconstructions and ensures a quick assessment of the possibilities.
Reconstruction or bankruptcy?
Bankruptcy proceedings should be seen as the ultimate last resort, but are nonetheless required if capital resources are no longer adequate. It is thus important that the company and its management take the initiative for this and do not give up. If the company’s prospects for survival are hopeless, a bankruptcy petition should thus be filed by the company itself before the creditors do so in order to limit the creditor mass and secure as many assets as possible for division between the company’s creditors. This also ensures an opportunity to manage the process as best as possible and can be crucial to the prospect of dividends for the company’s creditors.
Thus, while the prospects in these situations may seem hopeless, it is important that the opportunities and obligations are clarified, and the management and owners of most companies often feel more secure in the situation once we have assisted.
If your company is in such a situation, we offer an introductory meeting, where we jointly explore the possibilities for the survival of your company.
At Virtus Law, you are guaranteed an efficient and cost-conscious process, where the case is handled by lawyers with specialist knowledge in insolvency law and business operations. We represent both creditors and companies in bankruptcy and reorganization proceedings.
Meet the team
With the link below, you can put a face on our employees and find relevant contact information.
Do you need our assistance?
If you are in a situation where you are in doubt or do not have the full overview of how you best behave, do not hesitate to contact us, which may be done by filling out our contact form on the right.
Virtus Law will subsequently return with an offer of legal assistance if the issue falls within one of our many areas of competence.